Despite key announcements, RIL tanks 6% on delay in Aramco deal
MUMBAI : Shares of Reliance Industries Ltd fell (RIL) as much as 6.18% on Wednesday after hitting a record ₹1,978.50 earlier in the day, as a delay in the deal with Saudi Aramco dampened the excitement from a series of announcements. The RIL stock closed at ₹1,845.60, down ₹71.05 or 3.71%, on the BSE.
Addressing the annual general meeting virtually, chairman and managing director Mukesh Ambani said that due to unforeseen developments in the energy sector and the virus outbreak, the $15-billion Saudi Aramco deal has not progressed as per the original timeline.
“Last year, I shared with you the basis of equity investment by Saudi Aramco in our oil-to-chemical business. Due to unforeseen circumstances in the energy market and the covid-19 situation, the deal has not progressed as per the original timeline. Our equity requirements have already been met,” Ambani said.
